- Medallion raises $13.7 million in Series A funding, led by Dragonfly and Lightspeed Faction.
- Medallion provides a platform for artists to engage directly with fans, avoiding third-party complexities.
- Medallion plans platform expansion for hundreds of artists in 2024, introducing "Digital Deluxe" for revenue generation.
Medallion provides artists with a specialized online platform to promote their albums, tour dates, merchandise, and digital collectibles. It also allows them to share exclusive content to build stronger relationships with their fans.
The company announced that it has successfully raised $13.7 million in Series A funding, with Dragonfly and Lightspeed Faction as the co-leaders. Artists increasingly seek direct ownership within their communities and avoid complicated interactions with fans on third-party platforms.
Matt Jones, the co-founder and CEO of Medallion, stated that streaming has provided opportunities to access music and social media and create new avenues for direct distribution.
Medallion has recently launched a new way for artists in the U.K., Australia, and Germany to earn revenue. It's called "Digital Deluxe" and enables artists to sell a digital version of their music album.
Currently, 20 artists are utilizing Medallion to empower their fan communities. These artists include Jungle, Greta Van Fleet, Illenium, Disclosure, Tiga, Mt. Joy, Tycho, My Morning Jacket, Girl in Red, and Sigur Rós.
In 2024, the company plans to expand the platform availability to a few hundred more artists. However, it won't be widely available until 2025 or later. The company has raised $22 million to date.
Edited by Shruti Thapa